Markets Slip on Trump Pharma Tariffs and IT Sector Concerns

Indian equities extended losses for a sixth consecutive session as the TRUMP administration's aggressive trade policies rattled investor confidence. The Nifty 50 fell 0.46% to 24,776.20 while the Sensex dropped 0.44% to 80,802.42, pressured by sustained foreign outflows.

A 100% tariff on branded pharmaceutical imports effective October 1 threatens $3.6 billion in annual Indian drug exports. SUN Pharma led sector declines, sliding 2.13% as analysts warned of disproportionate impact on US-exposed firms.

Parallel increases in H-1B visa fees triggered tech sector selloffs, with Wipro and Infosys both falling over 1.6%. The moves signal a strategic shift from country-specific to product-specific trade barriers, with trucks and other industrial goods reportedly next in line for tariff hikes.